As stated by Emeritus Professor Carl Thayer from the University of New South Wales (Australia), Vietnam’s remarkable transformation into one of Southeast Asia’s fastest-growing economies, especially as the country marks 80 years of national development. In an interview conducted in Sydney ahead of Vietnam’s 80th National Day (September 2), esteemed Vietnam expert Carl Thayer emphasized the nation’s impressive economic progress since the implementation of the renovation “Đổi mới” reforms.
Despite the global disruption caused by the COVID-19 pandemic, Vietnam’s economy showed resilience, in 2024 a GDP growth of 5.3% in 2023 and nearly 7.1% in 2024. Now the government targets 8% growth in 2025, with strong ambitions for double-digit expansion in the foreseeable future. Thayer noted that achieving these goals hinges on boosting foreign investment and exports, which remain central to Vietnam’s economic strategy
The country has successfully transitioned to an export-driven model, excelling in sectors like textiles and mobile phones. To stay competitive amid global shifts, Vietnam is enhancing its value chains, embracing technological innovation, and partnering with international firms to improve workforce skills. Avoiding the middle-income trap is a key priority, and the government is focused on diversifying the economy, nurturing talent, encouraging innovation and safeguarding the environment. The aim is to evolve from a labor-intensive economy to one driven by high-value industries and advanced technologies.
Thayer also highlighted the recent implementation of a two-tier local government system as a strategic move to optimize resource use and accelerate national goals. As a proactive member of ASEAN, Vietnam is well-positioned to contribute to regional growth and leadership.
Looking ahead, Thayer urged caution amid global economic uncertainties. He stressed the importance of market diversification and adaptability to unpredictable global policy changes to ensure Vietnam’s long-term success.
VIETNAM MANUAL TEAM